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Question 7 1 pts Questions 7-8. A firm operating underconditions of competition is a price...

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Economics

Question 7 1 pts Questions 7-8. A firm operating underconditions of competition is a price taker in the market for itsproduct (and also in the market for its inputs), whereas amonopolist is a price searcher in the market for its product (andlikely but not necessarily in the market for its inputs). 7. Hereare two statements, either of which may be true or false. I A pricetaker never makes more than normal profit in the short run. II Aprice taker never makes more than normal profil the long run.Choose the correct option from the list below. Neither statement istrue. Only lis true. Only II is true. Both statements are true.

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